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re: Student loan debt
Posted on 4/27/25 at 2:06 pm to back9Tiger
Posted on 4/27/25 at 2:06 pm to back9Tiger
quote:What is the specific claim about Obama here?
Bingo. Get the government out of it. Another Obama frick up.
3
Posted on 4/27/25 at 2:07 pm to TerryDawg03
NM
This post was edited on 4/27/25 at 2:09 pm
Posted on 4/27/25 at 2:11 pm to Tigergreg
quote:
Your point is taken, but just because no one notices that a debt is no longer discharged, still means it gets added to the country's debt when not repaid. That's sweeping it under the rug like it never happened.
I think I'm failing to understand why you place a fundamental "difference in kind" between student loan debt and all other debt to the federal government?
Your tax debt to the IRS is dischargeable through bankruptcy, FHA loans dischargeable through bankruptcy, SBA loans dischargeable through bankruptcy, FEMA loans dischargeable through bankruptcy.
Why are student loans in a category with child support?
Either you're conflating bankruptcy with student loan forgiveness, or you just don't like college students bc you think they're all liberal blue hairs?
This post was edited on 4/27/25 at 2:13 pm
Posted on 4/27/25 at 2:13 pm to novabill
Only offer loans for degrees you can actually get a job in.
Posted on 4/27/25 at 2:16 pm to The Baker
quote:
Your tax debt to the IRS is dischargeable through bankruptcy, FHA loans dischargeable through bankruptcy, SBA loans dischargeable through bankruptcy, FEMA loans dischargeable through bankruptcy.
Admittedly, I haven't kept up with bankruptcy law, but it used to be that Federal obligations used to be nondischargeable.
Posted on 4/27/25 at 2:21 pm to Tigergreg
quote:
Admittedly, I haven't kept up with bankruptcy law, but it used to be that Federal obligations used to be nondischargeable.
When I google "Federal Obligations" it is referring to the obligation of the federal government to pay its debts to you. Like Social Security benefits, or paying you back for bonds.
Posted on 4/27/25 at 2:37 pm to Big Scrub TX
He got the government more involved in student loans during his administration.
Posted on 4/27/25 at 3:12 pm to Big Scrub TX
He brought the government more involved in student loans during his administration. Been a mess and more expensive since.
Posted on 4/27/25 at 3:15 pm to novabill
How about if people take out a loan they actually fricking learn what their monthly payments will be and how long they will be making the payments before signing up for the loan?
I can guarantee you that these people bitching about paying for their student loans are 100% current on their iPhone bill, car insurance, rent, electricity bill, etc etc etc
Why do they think that they don’t have to payback a student loan to attend school?
It’s insane
I can guarantee you that these people bitching about paying for their student loans are 100% current on their iPhone bill, car insurance, rent, electricity bill, etc etc etc
Why do they think that they don’t have to payback a student loan to attend school?
It’s insane
This post was edited on 4/27/25 at 3:16 pm
Posted on 4/27/25 at 3:17 pm to novabill
quote:"I've always felt the nine most terrifying words in the English language are: I'm from the Government, and I'm here to help."
Should the federal government be in the student loan business?
-- Ronald Reagan
Posted on 4/27/25 at 3:48 pm to novabill
No, nor should they be in the Education business. Ponzi scheme of and for Leftists
Posted on 4/27/25 at 5:36 pm to goldennugget
quote:
Schools should be on the hook
They charge way too much. Even state schools charge as much as TCU cost when I was a student - that's absurd
They can charge as much as they want as long as these loans are given out like candy and backed by the government
Bingo. Who would be a party to giving countless 17- and 18-year-old kids $200k unsecure loans? The whole thing is ridiculous.
Only a crook would participate in that.
Posted on 4/27/25 at 5:50 pm to Big Scrub TX
quote:
What is the specific claim about Obama here?
per Grok3
President Barack Obama significantly increased the federal government's role in student loans through the Health Care and Education Reconciliation Act of 2010. This legislation ended the Federal Family Education Loan (FFEL) program, which had relied on private lenders to issue federally guaranteed loans. Instead, it shifted to a fully direct lending model under the William D. Ford Direct Loan Program, where the government directly originates and funds all new federal student loans. This move eliminated private intermediaries, allowing the government to control the entire loan process and retain profits previously paid to banks as subsidies. The reform aimed to save billions in subsidy costs, which were redirected to expand Pell Grants and fund other education initiatives. Additionally, Obama’s administration introduced income-driven repayment plans like Pay As You Earn (PAYE) in 2012, further expanding federal oversight by tying loan repayments to borrowers’ incomes and offering loan forgiveness after 20 years, or 10 for public service workers. These changes centralized and intensified the government’s role in managing student debt.
Posted on 4/27/25 at 7:14 pm to RohanGonzales
A quick google search showed the percentages of who has most student debt:
*14.6 million people have a student loan debt balance of $10,000 or less.
*18.8 million people have a student loan debt balance of $10,000-$40,000.
*8 million people have a student loan debt balance of $40,000-$100,000.
*3.6 million people have a student loan debt balance of over $100,000.
*Borrowers aged 50 and up now carry 25% of the nation's student debt, which is more than double the share they held 20 years ago.
*The state with the highest student loan debt is California and the state with the lowest student loan debt is Wyoming.
Average Student Loan Debt by Gender & Race:
*63.6% of all student loan debt belongs to women
* Black. $37,558. $35,665
*White. $31,346. $29,862
*Hispanic/Latinx. $27,029. $27,452
*Asian. $25,252. $25,507
*14.6 million people have a student loan debt balance of $10,000 or less.
*18.8 million people have a student loan debt balance of $10,000-$40,000.
*8 million people have a student loan debt balance of $40,000-$100,000.
*3.6 million people have a student loan debt balance of over $100,000.
*Borrowers aged 50 and up now carry 25% of the nation's student debt, which is more than double the share they held 20 years ago.
*The state with the highest student loan debt is California and the state with the lowest student loan debt is Wyoming.
Average Student Loan Debt by Gender & Race:
*63.6% of all student loan debt belongs to women
* Black. $37,558. $35,665
*White. $31,346. $29,862
*Hispanic/Latinx. $27,029. $27,452
*Asian. $25,252. $25,507
Posted on 4/27/25 at 7:45 pm to novabill
quote:
Banks charge interest to make a profit, is that the goal of the federal government with student loans as well? If so, should it be?
Are you suggesting that the Federal government collects interest?
Posted on 4/27/25 at 7:47 pm to Tigergreg
College would be insanely more affordable if the government got out of the student loan business
Posted on 4/27/25 at 7:55 pm to novabill
Charge them the same rate as the 10 year treasury note
Posted on 4/27/25 at 8:39 pm to moneyg
quote:
Are you suggesting that the Federal government collects interest?
Yes, I assumed the interest paid on student loans were collected by the Federal Government
Posted on 4/27/25 at 9:05 pm to novabill
quote:
My question is what should the interest rate be?
Read the contract agreement you signed?
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